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Balakov began his club career at the local Etar Veliko Tarnovo, before transferring to Portugal's Sporting Clube de Portugal in 1990, playing alongside future Ballon D'Or recipient Luís Figo, his compatriot Yordanov, and future two-time Champions League winner Paulo Sousa. Though Sporting had a quality squad, Balakov only managed to win the 1994–95 Portuguese Cup during his time at the club. Today, fans still remember him as an exceptional player.[citation needed] In 1995, he transferred to Germany's VfB Stuttgart where he won two UEFA Intertoto Cups (2000 and 2002) and a DFB-Pokal (1997), before retiring in 2003 - the same year that he called time on an international career which had spanned 15 years and 92 caps. As an attacking midfielder Balakov formed a successful attacking partnership with strikers Fredi Bobic and Giovane Élber at Stuttgart. The trio were known as the "magic triangle". He was voted as Stuttgart's best player of all time. He stayed at Stuttgart until retiring as a player in 2003, although he did make a comeback as a player two years later when he made a single appearance as player-manager of VFC Plauen.[1]

The year after he retired, Krasimir became assistant coach of the club he had just retired from, VfB Stuttgart. He stayed in this position for two years before deciding to become a player-manager at VFC Plauen, where he remained for just a short time.

On 27 May 2011, it was announced that Balakov will take over the helm of Croatian club Hajduk Split.[5]

On 22 March 2012, Balakov was appointed the manager of 1. FC Kaiserslautern.[6] He was sacked on 17 May 2012, after being unable to prevent Kaiserslautern's relegation to the 2. Bundesliga.[7] He subsequently continued his career as manager in his country.

Balakov made 92 appearances for Bulgaria, between 1988 and 2003 (one of the best totals in national history) and scored 16 goals. Other than the 1994 FIFA World Cup, he also played for his country at Euro 1996 and the 1998 FIFA World Cup. At age 37 he played in the qualifications for Euro 2004 to help his teammates qualify but retired from football before the final stage in Portugal.